The corporate affairs ministry has decided to act tough with public sector undertakings (PSUs) that have not prepared and submitted their financial statements with the registrar of companies. As many as 658 state-run PSUs have piled up 2,539 accounts, with some pending for as long as 26 years.
Such delinquency may be indication of a bigger problem brewing in these PSUs and has left the ministry worried, government sources said. In most cases, the pending period ranges from three years to 15 years. The ministry has now asked all state and Centrally-run PSUs to comply with the Companies Act, 1956, and prepare and furnish account details as per the Act at the earliest, a ministry source said.
According to data available with the government, the poorest compliance is in north-eastern states such as Arunachal Pradesh where there are five working state-run firms and two non-working PSUs with a total of 33 accounts pending for the last 11 years. Similarly, in Assam , there are 51 PSUs and there are 347 accounts pending for 24 years. Tamil Nadu is the only state where pendency is minimum. It has 75 PSUs of which 20 have not prepared their accounts for one to seven years.